Phillips Expands Global Jewelry Team RAPAPORT. Phillips has hired two executives for its international jewelry department in an effort to broaden its expertise in the sector.
Sara Payne Thomeier will join the auction house as senior vice president and head of jewels for the Americas, Phillips said last week. She will be responsible for leading the New York jewelry department, deepening client relationships and sourcing material for jewelry auctions in New York and Hong Kong. Thomeier was previously executive vice president and jewelry specialist at art appraisal and advisory group Gurr Johns International and has worked at wholesaler Provockative Gems.
Hong Kong Retail Sales Continue Resurgence
RAPAPORT. Hong Kong-based retail sales of jewelry and other hard-luxury items surged in March as Covid-19 restrictions eased and consumer sentiment improved.
Revenue from jewelry, watches, clocks and other valuable gifts rose 81% year on year to HKD 2.98 billion ($384 million) during the month, the municipality’s Census and Statistics Department reported Tuesday. Sales across all retail categories grew 20% to HKD 27.6 billion ($3.55 billion).
A favorable comparison with the same period in 2020, when businesses closed and tourism stopped, also contributed to the sharp jump in sales, a government spokesperson said.
However, while demand is improving, it is still well below the same period two years ago. Sales of jewelry and other luxury items slid 55% compared with March 2019.
Hong Kong Jeweler TSL Warns of Loss
RAPAPORT. Tse Sui Luen (TSL) expects to report a loss for the full fiscal year amid a drop in consumer demand during the first half.
The Hong Kong-based jeweler believes it will lose at least HKD 40 million ($5.2 million) for the year ending March 31, it said last week. That compares with a loss of HKD 90 million ($11.6 million) the previous year.
Consumer sentiment waned in all TSL’s operating markets due to Covid-19, the company noted. Although sales in China have recovered to almost pre-pandemic levels since May 2020, and have begun to improve in Hong Kong since September, this could not offset weakness in the first fiscal half.
5-Carat Sapphire to Lead Bonhams NY Sale
RAPAPORT. Bonhams will offer a Kashmir sapphire and diamond ring at its New York sale this month, expecting it to fetch up to $480,000.
The ring, from the late 19th century, contains a cushion-shaped, 5.22-carat unheated sapphire set within a diamond frame. The piece will lead the May 19 auction, Bonhams said last week.
“Kashmir sapphires are among the most highly prized gems in the world due to their rarity, scarcity and beauty,” said Caroline Morrissey, head of jewels at Bonhams New York. “The blue tint of this.sapphire is piercingly bright, and beautifully set within a charming old European-cut frame of 10 exquisite diamonds.”